Past year: ▼ 33%(83.5c – 1.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2016joint venture update● Neutral
3D Oil says regulators granted a 9-month suspension and extension for T/49P, where Beach holds 30%, allowing a Flanagan well up to Q1 2018. Operator 3D Oil is still seeking a farm-in partner for the prospect, estimated at 1.38 TCF.
28 Apr 2016quarterly activities report● Neutral
March quarter: production 2.4 MMboe, revenue $120m (-5%), capex $38m, cash $242m including acquired Drillsearch cash. Drawn debt $150m; convertible notes redeemed after quarter-end. CFO Kathryn Presser will leave on 1 July 2016. Restates the $40m synergies and the higher guidance.
27 Apr 2016production update▲ GoodMajor
Beach lifts estimated annual merger savings to $40m, from $28m, with the Sydney office closing by 30 April. FY16 production guidance rises to 9.5-9.8 MMboe from 8.0-8.6, helped by ex PEL 91 and the merger. Capex stays at $180-210m.
18 Apr 2016asset acquisition disposition● NeutralMajor
Revised Egypt sale to Rockhopper is now all cash, up to US$20.5m, replacing the earlier cash-and-shares deal: about US$11.9m at completion and about US$8.6m over the next 12 months. Main conditions are satisfied; completion targeted by end of FY16.
15 Apr 2016asset acquisition disposition● NeutralMajor
Beach will withdraw from the BMG gas fields joint venture, giving its 35% interest to Cooper Energy for nil consideration, effective 27 October 2016 subject to approval. This replaces the earlier plan for Cooper to buy 65% while Beach kept 35%. Beach cites not wanting to fund Manta appraisal.
15 Apr 2016asset acquisition disposition● Neutral
Cooper Energy confirms Beach's 35% BMG interest passes to it for nil consideration, lifting Cooper to 100%. Beach keeps its share of existing abandonment liabilities until October 2021. Effective 27 October 2016, subject to approval.
6 Apr 2016drilling progress report● Neutral
March report: Hanson-3 (Beach 100%) found a 3.7 m net oil column and was cased as an oil producer. Berylium-1 (Beach 40%) found low-side gas pay; Sphalerite-1 was dry. Jute-1 was fracture stimulated.
24 Mar 2016other▲ GoodMajor
Beach identifies $28m a year of merger cost savings, above the earlier $20m estimate, fully realised in FY17. Headcount falls by 56 to 226 by 30 April. US$125m Drillsearch convertible notes will be redeemed around 11 April from cash, saving about $7m a year.
23 Mar 2016asset acquisition disposition▼ Bad
The PEP 52181 (Kaheru) joint venture, in which Beach holds 25%, has applied to surrender the permit. Operator NZOG said economics could not support drilling before the May 2016 commitment date. This replaces the previously pending Kaheru 25% sale.
17 Mar 2016director officer appointment● Neutral
Company secretary Kathryn Presser resigned from that role effective 16 March 2016. Cathy Oster remains as company secretary. No reason is given in the notice.
2 Mar 2016drilling progress report● Neutral
February report, now including ex-Drillsearch interests. Depps-1 (ex PEL 106) was dry and abandoned; Moomba-212 found gas and Jute-1 (Beach 80%) found about 19 m of net conventional pay. Varanus South-2 (Beach 40%) had about 5 m of net pay.
1 Mar 2016business combination● NeutralMajor
Drillsearch confirms the scheme has been implemented and it is now a wholly owned Beach subsidiary. It will apply today to be removed from the ASX official list. Former holders receive Beach shares, trading 2 March.
1 Mar 2016director officer appointment● Neutral
Jim McKerlie and Phillip Bainbridge join Beach's board as non-executive directors, while Belinda Robinson and Robert Cole leave, as announced 3 February. Includes director interest notices; McKerlie's related holder has 2,799,868 shares, Bainbridge's fund 97,250.
1 Mar 2016business combination▲ GoodMajor
The Drillsearch merger is complete: Drillsearch is now a wholly owned Beach subsidiary and new Beach shares are issued today, trading 2 March. It adds 19,000 km2 of gross Cooper Basin acreage; integration targeted by 30 June 2016, with about $20m of synergies.
26 Feb 2016investor presentation● Neutral
Results presentation restates the half-year figures: production 4.5 MMboe, underlying profit $9.4m, impairments $634m, cash $164m, dividend suspended. It says Egyptian asset sale completion is targeted by financial year end. Merger integration begins 1 March.
26 Feb 2016half year report▼ BadMajor
Half-year loss to members was $600.1m (against underlying profit of $9.4m), after $634m of pre-tax impairments. Revenue fell 36% to $274.4m. No interim dividend will be paid. This confirms the impairments flagged in January.
23 Feb 2016other● Neutral
Beach announces its half-year results will be released on 26 February 2016, with a conference call at 11am AEDT. Notice only, with no results content.
23 Feb 2016director officer appointment▲ Good
Matthew Kay will start as Beach CEO on 2 May 2016, earlier than the 17 July date announced in January. Neil Gibbins stays Acting CEO until then. Employment terms are unchanged.
18 Feb 2016other● Neutral
Drillsearch confirms the final court orders were lodged with ASIC, so its shares are suspended from trading. This is procedural, following the court approval announced earlier the same day.
18 Feb 2016business combination▲ Good
Beach confirms the Federal Court approved the Drillsearch scheme. Drillsearch trading is suspended from close today, the record date is 25 February and implementation is expected 1 March 2016, with new Beach shares issued then.
18 Feb 2016business combination▲ GoodMajor
The Federal Court approved the Drillsearch scheme. Drillsearch shares are suspended from close of trading on 18 February, with the record date 25 February and implementation expected 1 March 2016, when Drillsearch becomes a wholly-owned Beach subsidiary.
18 Feb 2016admin correction● Neutral
ASX notice sets the scheme timetable: new Beach shares trade on a deferred settlement basis from 19 February, record date 25 February, issue 1 March, normal trading 2 March 2016. Holders receive 1.25 Beach shares per Drillsearch share. No new terms.
4 Feb 2016drilling progress report▲ Good
Drillsearch's January report says Middleton East-1 (Beach 50% operator) was cased and suspended, with an extension of the Middleton field and a new pay zone. Its own Jute-1 well spudded on 24 January. Beach's results for Middleton East-1 were already reported.
3 Feb 2016drilling progress report▲ Good
January report: the six-well Moomba North campaign (Beach 20.21%) completed with all wells cased as future producers. Middleton East-1 (Beach 50% operator) was cased and suspended with 9.3 m net gas pay. Bauer-25 was cased with a 2 m net oil column.
3 Feb 2016director officer appointment● Neutral
Directors Belinda Robinson and Robert Cole will resign from Beach's board once the Drillsearch scheme is implemented. Drillsearch's Jim McKerlie and Phillip Bainbridge will join, as previously announced in the merger terms.
28 Jan 2016quarterly activities report● Neutral
December quarter: production 2.3 MMboe, sales revenue $126m (down 13% on lower oil prices), capex $78m, cash $164m. It restates the revised guidance and anticipated impairments, adds withdrawal from the ATP 732 farm-in, and records five Windorah discoveries from five wells.
27 Jan 2016flow test result▲ Good
Rawson reports Udacha-1 (PRL 26; Beach 15% operator, DLS 75%, Rawson 10%) flowed at a stabilised 1.7 million cubic feet a day after fracture stimulation. The joint venture is assessing a tie-in to the Middleton facility, following the earlier workover plan.
27 Jan 2016business combination▲ Good
Beach confirms Drillsearch holders approved the merger scheme with about 99% support. The 18 February court hearing is next, with new shares expected in early March 2016. This repeats the Drillsearch announcement from Beach's side.
27 Jan 2016business combination▲ GoodMajor
Drillsearch shareholders approved the Beach merger scheme, with 98.88% of votes cast in favour. The second court hearing is set for 18 February 2016, and implementation is expected in early March.
22 Jan 2016other▼ BadMajor
Beach narrowed FY16 production guidance to 8.0-8.6 MMboe and cut capex guidance to $180-210m (from $240-270m). Cash was $164m at 31 December. It expects H1 impairments of $450-650m pre-tax, citing lower oil price forecasts.
